Trying to add Schwab Money Fund SWVXX to an investment account. (edit)

Jak29672

Using Quicken for Mac Premier. I have made several attempts to purchase SWVXX in an investment account. The transaction recognizes security and the reduces the cash position but does not add the holding to the portfolio.

Any ideas as to what is going on?

jacobs

If your account is connected to Schwab for downloading, Schwab doesn't allow you to treat the money market fund as a security; in its downloads to Quicken, Schwab treats SWVXX as cash. (This was a Schwab decision about two years ago, not Quicken's.)

To my knowledge, there are only two alternatives:

(1) Accept that "Cash" in your Schwab account in Quicken will be the sum of your SWVXX holdings plus any actual cash in the account. Moves of money into or out of SWVXX will not show up as Buy or Sell transactions, and in Quicken you won't see SWVXX among your securities held.

(2) If you don't connect your Schwab account for downloading, and ever your transactions manually, then you can treat SWVXX as a security in which there are Buy and Sell transactions.

Most people accept #1, albeit reluctantly. Some people, like me, enter transactions manually and do #2, and it works fine.

Although I should note that #2 means that you're basically giving yourself more work to enter the Buy and Sell transactions for SWVXX when you buy or sell other securities using or generating cash. For instance, if you buy shares of Apple stock using money you have in the money market fund, you have to record the sale of SWVXX shares, generating cash, before entering the purchase of Apple, using cash. If you just leave your SWVXX holdings as cash at all times, you don't need to enter those extra SWVXX transactions. But to to reconcile your Quicken to your Schwab statement, you need to manually add the Cash and SWVXX values from the statement to compare to the single Cash value in Quicken. So… damned if you do, damned if you don't! 😂